3.) MIXED – Repeal Dodd-Frank

  • 2019-01-07
  • Source: AAN
  • by: AAN Staff
The financial regulatory monster known as the Dodd-Frank Wall Street Reform and Consumer Protection Act threatens future economic growth at a time when it is desperately needed.

Democrats blamed unbridled capitalism for the financial meltdown of 2008 rather than crony capitalism thanks to government-banking. 

Their solution would become a source of economic malaise during the Obama years.

In June 2017, the Republican-dominated House of Representatives voted to repeal Dodd-Frank. 

Despite support from the Mortgage Bankers Association, Bipartisan Policy Center, the Independent Community Bankers of America, and the National Association of Home Builders, the bill died on the Senate floor – forcing Congress back to the drawing board.

One year later, President Trump signed the biggest rollback of bank rules since the global financial crisis. The bipartisan law lifted burdensome regulations on community banks and boosted economic growth.

Still, Republicans were unable to fully repeal the law and more significantly – the Consumer Financial Protection Bureau – which oversees the most crucial aspects of financial services, including all banking practices, without congressional oversight.

 Source: AAN
Tags: Issues: AAN Exclusive; Categories:

People, Places & Things

Article Index